Cal Comp Electronics Thailand : 2024 Q4 Consolidated Financial Statements

Published: 2025-03-06 04:52:07 ET CCET.BK

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries

Report and consolidated and separate financial statements 31 December 2024

Independent Auditor's Report

To the Shareholders of Cal-Comp Electronics (Thailand) Public Company Limited

Opinion

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries and of Cal-Comp Electronics (Thailand) Public Company Limited as at 31 December 2024, their financial performance and cash flows for the year then ended, which are presented in US Dollar and Baht, in accordance with Thai Financial Reporting Standards.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit

of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants) that are relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for

my opinion.

Emphasis of Matter

I draw attention to Note 8 to the financial statements, the Company has substantial product sale and raw material purchase transactions with its subsidiaries and related companies. My opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

Key audit matters and how audit procedures respond for each matter are described below.

Revenue recognition from sales

The revenue from sales is the most significant amount in the statement of income and is also the key indicator of business performance on which the users of financial statements focus. In addition, the Group has sales with a number of customers and there are a variety of commercial terms. I have therefore considered the revenue recognition from sales as key audit matter and focused on the audit of occurrence and timing of revenue recognition from sales.

The following significant audit procedures were performed to examine recognition of revenue from sales.

Allowance for diminution in value of inventories

Estimating the net realisable value of inventories, as disclosed in Note 10 to the financial statements, is an area of significant management judgement, particularly with regard to the estimation of allowance for diminution in value of obsolete inventories. This requires detailed analysis of the product life cycle and the competitive environment. Therefore, there is a risk with respect to the recognition of allowance for diminution in value of inventories will be inadequate.

The following significant audit procedures were performed to examine recognition of allowance for diminution in value of inventories.

Other Information

Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor's report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor's report.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.

When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue

an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

I am responsible for the audit resulting in this independent auditor's report.

Naraya Srisukh

Certified Public Accountant (Thailand) No. 9188

EY Office Limited

Bangkok: 27 February 2025

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position

As at 31 December 2024

(Unit: US Dollar)

Consolidated financial statements

(Unit: Baht)

Consolidated financial statements

Note

2024

2023

2024

2023

Assets

Current assets

Cash and cash equivalents

171,556,217

294,690,846

5,830,826,970

10,085,293,230

Trade and other receivables

8, 9

964,580,146

905,334,150

32,784,005,315

30,983,522,216

Inventories

458,691,377

446,779,927

15,589,933,718

15,290,283,476

Advances payment for raw materials and molds

10,830,513

13,874,700

368,105,851

474,838,021

Other current financial assets

1,353,956

3,871,768

46,018,053

132,504,678

Other current assets

224,388,947

214,531,668

7,626,497,872

7,341,981,526

Assets held for sale

13,452,983

457,237,968

Total current assets

1,844,854,139

1,879,083,059

62,702,625,747

64,308,423,147

Non-current assets

Restricted bank deposits

118,259

303,055

4,019,369

10,371,542

Other non-current financial assets

32,563

1,482,836

1,106,746

50,747,541

Investments in associates

14.1

66,964,797

60,641,680

2,275,989,476

2,075,358,407

Property, plant and equipment

484,813,044

515,383,230

16,477,753,018

17,638,114,895

Right-of-use assets

17.1

15,336,288

17,446,671

521,247,456

597,082,656

Deferred tax assets

4,759,629

8,220,695

161,769,557

281,339,311

Plan assets for long-term employee benefits

4,760,564

4,076,262

161,801,335

139,503,137

Other non-current assets

20,752,373

21,530,095

705,328,541

736,830,900

Total non-current assets

597,537,517

629,084,524

20,309,015,498

21,529,348,389

Total assets

2,442,391,656

2,508,167,583

83,011,641,245

85,837,771,536

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position (continued)

As at 31 December 2024

(Unit: US Dollar)

Consolidated financial statements

(Unit: Baht)

Consolidated financial statements

Note

2024

2023

2024

2023

Liabilities and shareholders' equity

Current liabilities

Short-term loans from financial institutions

173,560,079

367,190,906

5,898,933,931

12,566,484,533

Trade and other payables

8, 19

1,062,795,055

885,150,194

36,122,118,905

30,292,760,634

Current portion of lease liabilities

17.2

2,905,519

4,677,309

98,752,344

160,072,949

Income tax payable

3,492,575

1,066,272

118,705,115

36,491,347

Other current financial liabilities

106,399

536,796

3,616,273

18,370,931

Other current liabilities

30,169,162

38,562,875

1,025,385,282

1,319,748,840

Liabilities held for sale

3,057,405

103,914,623

Total current liabilities

1,276,086,194

1,297,184,352

43,371,426,473

44,393,929,234

Non-current liabilities

Long-term loans, net of current portion

351,408,253

419,519,467

11,943,610,992

14,357,340,575

Lease liabilities, net of current portion

17.2

12,014,747

12,237,635

408,355,419

418,812,254

Long-term loan from related party

19,475,822

661,941,322

Provision for long-term employee benefits

12,615,635

10,650,368

428,778,310

364,490,739

Deferred tax liabilities

2,221,448

546,438

75,502,241

18,700,912

Other non-current liabilities

1,415,482

1,700,205

48,109,190

58,186,626

Total non-current liabilities

399,151,387

444,654,113

13,566,297,474

15,217,531,106

Total liabilities

1,675,237,581

1,741,838,465

56,937,723,947

59,611,460,340

Shareholders' equity

Share capital

Registered share capital

10,450,002,831 ordinary share of 1 Baht each

307,334,363

10,450,002,831

Issued and fully paid-up share capital

10,450,002,831 ordinary share of 1 Baht each

307,334,363

10,450,002,831

Share premium

170,071,563

5,745,765,441

Capital reserve for share-based payment transactions

12,590,025

10,814,997

408,064,023

347,703,000

Capital surplus from change in shareholding in the subsidiaries

248,117

257,238

3,068,995

3,378,805

Retained earnings

Appropriated - statutory reserve

31,100,160

1,045,000,283

Unappropriated

353,168,754

322,002,366

11,601,457,895

10,517,118,997

Other components of shareholders' equity

(105,845,725)

(81,436,448)

(3,127,870,844)

(2,094,324,981)

Reserve for assets disposal group classified as held

for sale

(6,573,208)

(223,550,422)

Equity attributable to owners of the Company

762,094,049

760,144,239

25,901,938,202

26,014,644,376

Non-controlling interests of the subsidiaries

5,060,026

6,184,879

171,979,096

211,666,820

Total shareholders' equity

767,154,075

766,329,118

26,073,917,298

26,226,311,196

Total liabilities and shareholders' equity

2,442,391,656

2,508,167,583

83,011,641,245

85,837,771,536

The accompanying notes are an integral part of the financial statements.

Directors

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position

As at 31 December 2024

(Unit: US Dollar)

Separate financial statements

(Unit: Baht)

Separate financial statements

Note

2024

2023

2024

2023

Assets

Current assets

Cash and cash equivalents

29,526,616

121,777,079

1,003,546,196

4,167,613,508

Trade and other receivables

8, 9

740,748,273

768,345,962

25,176,441,190

26,295,334,362

Inventories

352,992,348

308,803,773

11,997,450,975

10,568,284,165

Advances payment for raw materials and molds

9,913,149

13,726,247

336,926,621

469,757,469

Other current assets

42,089,029

57,532,544

1,430,515,604

1,968,953,589

Assets held for sale

35,309

1,200,077

Total current assets

1,175,304,724

1,270,185,605

39,946,080,663

43,469,943,093

Non-current assets

Other non-current financial assets

Investments in associates

14.1

64,337,182

57,866,709

2,186,682,491

1,980,389,742

Investments in subsidiaries

15.1

415,641,221

459,144,340

14,126,751,473

15,713,434,476

Long-term loan to related party

7,461,864

255,369,610

Property, plant and equipment

355,003,811

364,732,499

12,065,816,278

12,482,349,733

Right-of-use assets

17.1

43,298

351,934

1,471,606

12,044,343

Deferred tax assets

975,827

1,056,773

33,166,262

36,166,259

Other non-current assets

72,957

23,060

2,479,652

789,189

Total non-current assets

836,074,296

890,637,179

28,416,367,762

30,480,543,352

Total assets

2,011,379,020

2,160,822,784

68,362,448,425

73,950,486,445

The accompanying notes are an integral part of the financial statements.

Disclaimer

CCET – Cal-Comp Electronics (Thailand) pcl published this content on March 06, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 06, 2025 at 09:51:05.892.